Secure Computing Corporation Case 1/19/2007

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Company Name(s): 
Secure Computing Corporation
Case Name: 
Secure Computing Corporation Case 1/19/2007
Case Status: 
Lawsuit Filed
Case Status: 
Judgment Issued
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: SCUR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/19/2007
Class Period Begin: 
05/04/2006
Class Period End: 
07/11/2006
Court of Filing: 
U.S. District Court for the Northern District of California
Date Settled: 
02/09/2009
Settlement Amount: 
$3,600,000
Deadline to Participate in Settlement: 
04/25/2009
Summary: 

On February 9, 2009, District Court Judge Samuel Conti granted the motion for preliminary approval of the settlement. A Settlement Hearing will be held on June 26 2009, to determine whether the Settlement, as set forth in the Stipulation, should be approved as fair, just, reasonable and adequate.

The original complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price.